"MZ Generation's Claim for Fairness, 100% Agreement... An Environment Where They Are Valued Must Be Created"

[Asking About South Korea's Economy] Interview with Kwon Tae-shin, President of Korea Economic Research Institute

Kwon Tae-shin, President of the Korea Economic Research Institute, is being interviewed at the Federation of Korean Industries building in Yeouido, Seoul. Photo by Jinhyung Kang aymsdream@

[Asia Economy Reporter Jeong Hyunjin] Kwon Tae-shin, president of the Korea Economic Research Institute, expressed concern throughout the interview that the current economic policy failures are harming the younger generation. He pointed out that due to strengthened regulations and demands for retirement age extension, companies find it difficult to hire young new employees, and as debt accumulates because of job policies, the current "MZ generation" will have to repay it 20 to 30 years from now. He emphasized, "I fully agree with the MZ generation's claims about fairness," adding, "It is an inevitable trend that anyone can see. An environment where they can be treated well must be created."

Born in 1976 and passing the 19th Administrative Examination, President Kwon has led economic policies through roles such as Director of Economic Cooperation at the Ministry of Finance, Director of International Organizations and Overseas Investment, Director-General of International Finance at the Ministry of Finance and Economy, Second Vice Minister, Secretary for Industry and Communications and Economic Policy Secretary at the Presidential Secretariat, Minister at the Prime Minister's Office, and Vice Chairman of the National Competitiveness Enhancement Committee. Although there is a 40 to 50-year age gap with the MZ generation, he said that from the perspective of economic logic such as wage systems and employment structures, he can fully understand their dissatisfaction.

President Kwon referred to the recent backlash from employees in their 20s and 30s working at the National Health Insurance Service who opposed the direct employment of customer center staff, stating that "at least a minimum competitive process is fair." He evaluated the MZ generation as "a generation that values fair competition, rewards, and communication." He mentioned that there have been continuous movements recently to establish labor unions mainly among office and research workers from the MZ generation, and emphasized, "Management needs to communicate openly with employees about wages, employee treatment, and organizational culture in step with changes in the MZ generation's union activities."

Regarding the MZ generation's unions, he also suggested, "They should evolve into partners who think together with management about productivity improvement and organizational culture enhancement rather than simply fixating on wage increase demands." Having accumulated diverse experiences and networks overseas, he shared that during his time as ambassador to the Organisation for Economic Co-operation and Development (OECD), he was impressed by how union representatives from Nordic countries traveled to major export countries like the UK and Germany to observe the global economic situation and maintain a 0% wage increase rate, operating companies together with management. He added, "In this way, our labor market must change, regulations must be revised, and the anti-business sentiment among the public and government must disappear."

President Kwon expressed hope that "the wave of MZ generation union establishments will become a turning point that transforms the existing destructive labor-management relations into cooperative and productive ones."